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Tax question: For casualty losses due to hurricane Harvey,

Tax question:For casualty losses due...
Tax question:For casualty losses due to hurricane Harvey, if all personal possessions were destroyed and you don’t want to claim safe harbor, do you have to list each item (hundreds), should it be in categories or can it be in one amount?
Please provide IRS references.Thanks!
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Answered in 2 days by:
3/29/2018
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Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,144
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Dear Customer,

According to Form 4684 Instruction, you need to itemize the losses on personal use items. The below website link and quotation are for your further references. Think it this way, it is similar to claim loss to the insurance company, as details as you can. If we want to get recovery, we have to itemize the listing.

What you can do for the tax return is to categorize them and list them in sub listing use some type of excel spreadsheet to attach. Then, it is not that difficult. Dresses, pants, hats, shirts, suits, etc. Under each category, list how many, materials, etc. Then, use Form 4684 to present categories. Kitchen supplies, etc.

Regards,

Fiona

https://www.irs.gov/pub/irs-pdf/i4684.pdf

"Section A—Personal Use

Property

Use a separate column for lines 2 through 9

to show each item lost or damaged from a

single casualty or theft described on line 1. If

more than four items were lost or damaged,

use additional sheets following the format of

lines 1 through 9.

Use a separate Form 4684 through

line 12 for each casualty or theft involving

property not used in a trade or business or

for income-producing purposes. For

example, use a separate Form 4684 through

line 12 for property lost or damaged due to

Hurricane Harvey or Tropical Storm Harvey,

Hurricane Irma, Hurricane Maria, or the

California wildfire"

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Dear Customer,

Do you have any follow up question?

Regards,

Fiona

Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,144
Experience: Former IRS Revenue Agent
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